What is Cronos?
Cronos is an Ethereum Virtual Machine (EVM) chain and will run parallel to the Crypto.org Chain.
This blockchain has the following features:
- Enable Smart Contracts: Developers can build faster dApps on Cronos to process more transactions per minute.
- EVM Compatibility: Cronos can support any dApp or smart contract running on Ethereum or any EVM compatible blockchain to enjoy faster and cheaper transactions.
- Interoperability: Built for NFTs, Metaverse, GameFi, and Web3.0, Cronos is the first Cosmos EVM Chain for DeFi, NFTs, and Metaverse.
- Scale DeFi and DApp ecosystem
Therefore, Crypto.com has provided a USD 100 million fund to support the development of Cronos. But, why does Cronos blockchain exist?
What Will Cronos Solve?
The Ethereum gas fees issues are back again, and it’s killing the floor price on many NFTs and DeFi dApps. Because of this, many dApps are looking for faster and cheaper platforms to port to.
That means Cronos is right in time to grab the opportunity to help developers port their dApps to a cheaper, faster, and scalable blockchain where users don’t have to pay hefty gas fees.
This is because Cronos uses Proof of Authority (PoA), a greener, more streamlined, and scalable consensus mechanism consensus protocol secured by validators. It is faster than other consensus algorithms, more scalable, and depends on much debatable mining consensus.
Cronos Use Cases
Just as the Cassini upgrade was a resounding success at launch, with more than 2 million transactions and more than 400 smart contracts deployed, Cronos is projected to have the same hype. This update will let users have these benefits:
- DeFi: Trade, earn passive income, lend, borrow crypto with low gas fees and fast transactions.
- NFT: Get NFTs to show your status in the ecosystem.
- Metaverse: Build future games and metaverse.
As a result, projects like Annex Finance has partnered with Cronos will be achieved. On the other hand, Cronos has an ace up its sleeve to boost its usage: The 10 million user base of Crypto.com. If you want to get involved in Cronos, become a validator on Cronos mainnet, checking this link after mainnet launched on November 8th.
What is the Cronos Bridge About?
Cronos will provide users a decentralized bridge for secure cross-chain transfers across Crypto.com, Cronos, and Ethereum.
Therefore, in Cronos bridge, users will be able to:
- Transfering assets using Crypto.com App
- Transfering assets using Crypto.com Exchange
- Transfer assets from Crypto.org Chain with Cronos Bridge
Later on, Cronos will add options for Crypto.com DeFi Wallet and Crypto.com Chain Desktop wallet. Also, the bridge will support $CRO, $ETH, $WBTC, $USDC, $USDT, $DAI since day one.
Cronos Future Plans
According to the Cronos Roadmap, these will be the following updates:
- Bridging Cosmos assets to Cronos: As a member of the Cosmos community, Cronos is investigating the possibility of bridging more Cosmos-based Chain tokens to Cronos via IBC.
- Rolling out Gravity Bridge: Integrate Gravity Bridge, an innovative and promising bridge solution bringing Ethereum-based chain assets to the Cronos.